JPMorgan Chase is the biggest financial institution in the U.S. Its commercial banking arm, Chase Bank, offers many ways for customers to borrow and manage their money.
Chase student loans used to be one of those products, but they were discontinued a few years ago. If you have Chase student loans or are interested in borrowing for college, here are your options now that the lender no longer offers these loans.
Why Chase student loans are no longer available
JPMorgan Chase funded both federal and private student loans. The financial institution offered private Chase student loans directly to borrowers and worked with the government as a servicer for federal student loans.
In 2012, Chase closed its student loans to all but existing Chase customers. In September 2013, it opted to discontinue Chase student loans altogether.
The lender also doesn’t offer Chase personal loans or personal lines of credit.
What if you already had Chase student loans?
Many borrowers hold Chase student loans that originated before 2013.
Originally, Chase managed the student loans it issued, but it has since discontinued its student loan servicing. Some Chase student loans were transferred to student loan servicers, while others were sold to student loan companies (more on that below).
Where are my Chase student loans now?
If you had Chase student loans, the lender should have notified you of any change in ownership or servicing. This information usually is communicated by email and regular mail from your servicer. Review your records to see if you received any such alerts.
Lenders also report information on your student loan accounts to credit reporting agencies. Check your credit reports to see if a transfer of loans is listed and to find your new lender or servicer.
Here’s an overview of the servicers that currently own and manage Chase student loans.
American Education Services (AES)
Chase private student loans are now serviced by American Education Services. Borrowers can visit the AES website to contact AES about its Chase student loans or call 1-800-233-0557 to get help by phone.
Conduent Education Services
The new servicer for federal student loans originated by Chase is listed on the Chase website as ACS Education Services (ACS). However, ACS no longer exists; it was bought out and rebranded as Conduent Education Services in January 2017.
You can reach Conduent’s customer service department at 1-800-835-4611 or visit the Conduent website to see if your Chase student loans are now held by Conduent Education Services.
Earlier this year, JPMorgan Chase finalized a deal to sell $6.9 billion in student loans to Navient. This portfolio of Chase student loans included both federal and private loans.
The transaction was announced in April 2017. Borrowers whose student loans were sold should have been notified of the change.
According to a statement from Navient, “servicing contacts remain unchanged” for affected borrowers. However, the statement also said that “Navient anticipates converting the loans to its servicing platforms in the future and will provide multiple consumer-tested personalized communications at the appropriate time.”
So if your Chase student loan was sold to Navient, expect servicing to end up with Navient at some point.
You can’t get Chase student loans — where to turn instead
If you’re on the hunt for college funding options, Chase student loans won’t be an option, which can be especially disappointing for current Chase customers looking for student loan financing.
But many other lenders and servicers offer student loans. Here are four types of student loans to consider when you’re trying to pay for college:
- Federal student loans are one of the simplest ways to get the money you need for college. Submit a Free Application for Federal Student Aid (FAFSA), and the Federal Student Aid Office will evaluate your eligibility for student loans and other financial aid.
- Credit union student loans often provide low-cost private student loans with favorable terms for members. There might even be a college credit union affiliated with your school you could be eligible to join. Check out LendKey, an online platform that can quickly connect you with credit unions that offer private student loans.
- Online student loans offer some great rates and above-average borrower protections. Check out the lenders we handpicked in our roundup of the best private student loans.
- Student loans from traditional banks still exist, even if you can’t get Chase student loans. Citizens Bank is one option. It has an online arm that offers student loans nationwide.
As you research different kinds of lenders, be sure to compare student loan terms. You also should compare costs such as origination fees and student loan rates to ensure you’re getting the best deal. Pay attention to borrower protections too.
Although Chase student loans don’t exist, college students and their families can find smart alternatives for college financing. Using the right financial tool, it’s possible to pay for college and manage student debt accordingly — from the first semester to graduation and beyond.
Need a student loan?Here are our top student loan lenders of 2018!
|1 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
9 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.69% – 10.94%1||Undergraduate, Graduate, and Parents||Visit CollegeAve|
|3.97% – 12.97%3||Undergraduate and Graduate||Visit Ascent|
|4.34% – 12.99%2||Undergraduate and Graduate||Visit Discover|
|4.12% – 10.98%*,4||Undergraduate and Graduate||Visit SallieMae|
|5.03% – 11.23%5||Undergraduate and Graduate||Visit PNC|
|4.00% – 13.00%6||Undergraduate and Graduate||Visit SunTrust|
|4.72% – 9.81%7||Undergraduate and Graduate||Visit LendKey|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents||Visit CommonBond|
|4.19% – 12.06%9||Undergraduate, Graduate, and Parents||Visit Citizens|